My Lords, I draw your Lordships’ attention to the interests that I have declared in the register. I am an unremunerated non-executive director of Pension Quality Mark Ltd and advisory director to Dimensional Fund Advisors.

There is a great deal in the Bill that can be welcomed and supported. I genuinely...

My Lords, I draw your Lordships’ attention to the interests that I have declared in the register. I am an unremunerated non-executive director of Pension Quality Mark Ltd and advisory director to Dimensional Fund Advisors.

There is a great deal in the Bill that can be welcomed and supported. I genuinely...

In June 2007 the Government asked the Low Pay Commission to produce their next report on the national minimum wage by the end of February 2008. The Government are today publishing the Commission’s 2008 report. I would like to thank all the commissioners for their hard work. I would also...

In June 2007 the Government asked the Low Pay Commission to produce their next report on the national minimum wage by the end of February 2008. The Government are today publishing the Commission’s 2008 report. I would like to thank all the commissioners for their hard work. I would also...

There is a way of trying to manage risk in relation to equity investments, which is called lifestyling. It is a way of loading the risk early on in the investment programme and moving into bonds and safer investments later. The detail of how all those investment decisions are made...

There is a way of trying to manage risk in relation to equity investments, which is called lifestyling. It is a way of loading the risk early on in the investment programme and moving into bonds and safer investments later. The detail of how all those investment decisions are made...

If the hon. Gentleman will just give me one moment, I am trying to make an announcement, but I do not seem to be getting very far. Some people who have paid voluntary national insurance contributions since the publication of the White Paper last May might have chosen not to...

If the hon. Gentleman will just give me one moment, I am trying to make an announcement, but I do not seem to be getting very far. Some people who have paid voluntary national insurance contributions since the publication of the White Paper last May might have chosen not to...

We have been looking closely at that issue. My hon. Friend has raised it with me on a number of occasions. It certainly came up during the work of the Turner commission. I have to say honestly that what she proposes would be extremely difficult from an administrative point of...

We have been looking closely at that issue. My hon. Friend has raised it with me on a number of occasions. It certainly came up during the work of the Turner commission. I have to say honestly that what she proposes would be extremely difficult from an administrative point of...

Yes, we have looked at that issue carefully and it has been a major concern for us. The proposals in the Bill and the other reforms that we are taking forward will be of some assistance. Clause 5 will restore the earnings link and allow for that to happen from...

Yes, we have looked at that issue carefully and it has been a major concern for us. The proposals in the Bill and the other reforms that we are taking forward will be of some assistance. Clause 5 will restore the earnings link and allow for that to happen from...

These issues are generally very complex. The PPF is not actually the subject of the Bill, although I am sure that the hon. Gentleman will want to table some amendments—I am not trying to help him out there. My understanding is that it is perfectly appropriate for a court to...

These issues are generally very complex. The PPF is not actually the subject of the Bill, although I am sure that the hon. Gentleman will want to table some amendments—I am not trying to help him out there. My understanding is that it is perfectly appropriate for a court to...

No, I do not accept that. I will come to those points later, because the issue of the state pension age is important. As proposed in the pensions reform White Paper last May, the first three clauses reduce the number of years needed to qualify for the basic state pension...

No, I do not accept that. I will come to those points later, because the issue of the state pension age is important. As proposed in the pensions reform White Paper last May, the first three clauses reduce the number of years needed to qualify for the basic state pension...

I think that the figures are set out in a document that we published when we produced the second pensions White Paper, but I am afraid that I do not have them to hand. If they are not in the document, perhaps we can return to the matter in Committee....

I think that the figures are set out in a document that we published when we produced the second pensions White Paper, but I am afraid that I do not have them to hand. If they are not in the document, perhaps we can return to the matter in Committee....

Entitlement to the basic state pension or the state second pension will be based on the number of qualifying years in which the person paid into it, as well as on where they live and what other rights they have when they retire. If they do not have 30 years-worth...

Entitlement to the basic state pension or the state second pension will be based on the number of qualifying years in which the person paid into it, as well as on where they live and what other rights they have when they retire. If they do not have 30 years-worth...

No, I do not want to give way to the hon. Gentleman again. If I have not dealt with his point, my hon. Friend the Minister for Pensions Reform can deal with it in Committee. Taken together with the basic state pension, the simplified entitlement effectively provides a single state...

No, I do not want to give way to the hon. Gentleman again. If I have not dealt with his point, my hon. Friend the Minister for Pensions Reform can deal with it in Committee. Taken together with the basic state pension, the simplified entitlement effectively provides a single state...

We think that means-testing could be significantly reduced. As I said, if we do nothing now, it will reach about 75 per cent. of pensioners by 2050. With these reforms we can get the figure down to about 30 per cent., so there would be quite a significant reduction. I...

We think that means-testing could be significantly reduced. As I said, if we do nothing now, it will reach about 75 per cent. of pensioners by 2050. With these reforms we can get the figure down to about 30 per cent., so there would be quite a significant reduction. I...

My hon. Friend makes a good point. At present, the limit on trivial commutation is set at £15,000. It is right that that should be subject to ongoing review and continual analysis. We in the Department will do that, together with our ministerial colleagues in the Treasury. I assure hon....

My hon. Friend makes a good point. At present, the limit on trivial commutation is set at £15,000. It is right that that should be subject to ongoing review and continual analysis. We in the Department will do that, together with our ministerial colleagues in the Treasury. I assure hon....

The figures have all been set out, but in relation to the right hon. Gentleman’s point, the Government are presenting the legislation and the Government are behind the reforms. He might like to look at the last page of the Bill to see which Ministers support it.

The figures have all been set out, but in relation to the right hon. Gentleman’s point, the Government are presenting the legislation and the Government are behind the reforms. He might like to look at the last page of the Bill to see which Ministers support it.

I beg to move, That the Bill be now read a Second time. This Bill takes forward the key recommendations for pensions reform made by the Turner commission in 2005. These reforms will help to lay the foundations for a sustainable and affordable pensions system marked by significantly less means...

I beg to move, That the Bill be now read a Second time. This Bill takes forward the key recommendations for pensions reform made by the Turner commission in 2005. These reforms will help to lay the foundations for a sustainable and affordable pensions system marked by significantly less means...

There is some flexibility in the Bill with respect to the issue of prices or earnings, which I believe is right. I am surprised that the hon. Member for Angus (Mr. Weir) has found the time to join us today, as I thought that he was busy celebrating the 300th...

There is some flexibility in the Bill with respect to the issue of prices or earnings, which I believe is right. I am surprised that the hon. Member for Angus (Mr. Weir) has found the time to join us today, as I thought that he was busy celebrating the 300th...

Because it is linked with our policy for increasing the state pension age. I have to say that I am not going to give way to the right hon. Gentleman again in this debate—[Interruption.] No, the questions are certainly not too difficult. In fact, I am now tempted to give...

Because it is linked with our policy for increasing the state pension age. I have to say that I am not going to give way to the right hon. Gentleman again in this debate—[Interruption.] No, the questions are certainly not too difficult. In fact, I am now tempted to give...

We all look forward to the hon. Gentleman’s rewriting of the history of that issue. I know that he was a supporter of breaking of the link to earnings, so perhaps he will provide his justification for that later. It certainly had the effect of reducing public spending—obviously so—but it...

We all look forward to the hon. Gentleman’s rewriting of the history of that issue. I know that he was a supporter of breaking of the link to earnings, so perhaps he will provide his justification for that later. It certainly had the effect of reducing public spending—obviously so—but it...

My hon. Friend is right, but she will also be aware that Lord Turner and the pension commissioners have welcomed the Government’s proposals for taking the commission’s conclusions forward. We have always made the point—and it is particularly incumbent on those who hold ministerial office—that it is important to make...

My hon. Friend is right, but she will also be aware that Lord Turner and the pension commissioners have welcomed the Government’s proposals for taking the commission’s conclusions forward. We have always made the point—and it is particularly incumbent on those who hold ministerial office—that it is important to make...

It is important that there should be consensus, if possible, about long-term reform of our pension system. That is precisely why my right hon. Friend the Prime Minister established the Pensions Commission in 2002. It has done sterling work in helping to forge agreement across the parties about the future...

It is important that there should be consensus, if possible, about long-term reform of our pension system. That is precisely why my right hon. Friend the Prime Minister established the Pensions Commission in 2002. It has done sterling work in helping to forge agreement across the parties about the future...